Posted on 07/18/2023 4:04:36 AM PDT by george76
As commercial and residential vacancy rates continue to reach all-time highs in San Francisco, many big tech buildings have been left abandoned.
One of the largest offices there comes from Google, which owns a whopping 1.4-million-square-foot building that has remained on the market for sublease.
Other big tech companies, like Meta and Roku, have also put up space for sale.
Back in March, Intel even listed its 505,000-square-foot office.
“As a hybrid-first company, we are continuing to assess and optimize our space utilization to create more vibrant workspaces for our employees when they are on-site, while also achieving cost reductions,” Addy Burr, with Intel Corporation Communication, previously told The Post in a statement.
But no one is rushing to buy.
“Big companies are dumping space on the market with almost no takers,” Craig Petersen from Kidder Mathews told the Real Deal. “We are seeing more activity in the small office markets.”
Additionally, in a recent second-quarter report by Savills, Silicon Valley’s office availability saw an acute increase due to considerable givebacks by large tech companies.
“With the entire technology sector in a correction, office availability in Silicon Valley is at an all-time high and is expected to increase even further as return to office rates have lagged the rest of the country despite high-profile corporate announcements,
...
since last year, leasing activity has gone down even more — by 52%.
...
Meanwhile, companies are not only attempting to get rid of space, but they have also halted major construction projects that would have reshaped Silicon Valley.
Google, for example, has stopped its Downtown West project in San Jose.
(Excerpt) Read more at nypost.com ...
Let the homeless have them.
They’ve taken over most everything else in the inner cities.
Just surrender. They won the battle.
It’s what the Left wanted.
Give them to Teenz as reparations
With the entire technology sector in a correction
Big Cities are in for a correction.
Way back, Corporations would cluster in big Cities to take advantage of specialized niche legal/finance/marketing/accounting/consulting talent. You had to schelp your ass to someone’s office for a meeting, use bike couriers, etc.
Then, the Public Health pin heads forced everyone to stay home.
So, the best and brightest adapted and improvised.
The progressive marxist’s, as happened in every past attempt, screwed up their journey to utopia
buy a building and turn it into the omega man fortress!!
Fun knee! ya’ll take a knee now, take two your’e going down.
House the homeless bill the federal government and use the $ to pay reparations, coming soon
How many indicators do companies need to see before it dawns on them that we’re not going back to the office? They forced it on us and now we’ve discovered that we not only can do it, but really like it. So why go to the hassle and expense of commuting into an office?
Ultra expensive blue crapholes like San Francisco and NYC are taking it right in the shorts. Others will follow but as the most expensive and least livable, these two were always going to see a mass exodus.
Yes they did.
And I think that’s the core of the lesson from COVID.
They are well on their way to destroying the golden goose.
They can use the buildings to house the homeless.
Very well put, I like it.
Solid analysis.
So tech companies were too stupid to realize their own products would mean less office space would be needed?
That was a good point.
Let Google and Meta and the other "progressives" enjoy their enclave until the time comes to pay the bill.... The BIG bill.
(Charlton Heston) “What day is it, anyway? Monday? Huh? The hell it is. It’s Sunday. Sunday I always dress for dinner.”
sorry but i think their plan is to intentionally empty out the cities (sounds familiar to Cambodians) of Americans and replace the buildings with migrants/refuge seekers or whatever and then ultimately just swallow us up from within.
They currently want these buildings to be abandoned so the new tenants can take over. of course, utilities will be included in cleverly disguised spending plans........
How can a company attract quality employees when the city has nothing to offer other than crime, perversion and violent ‘homeless’?
San Francisco’s a hellhole...
The owners of these buildings must be forced to convert them to suites for the homeless and illegal aliens.
Furthermore, they should be compelled to provide all services, food and other consumables without cost to the new residents.
After all, “Equity”!
Why aren’t Biden and Newsom snatching them up to house? All the wonderful illegal aliens coming in? Replace the house. All of them.
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